| MESSAGES |
2 |
| 1. PRESENTATION OF THE ORANO GROUP |
5 |
| 1.1 Overview of Orano |
6 |
| 1.2 Contribute to key global issues |
8 |
| 1.3 Our activities |
10 |
| 1.4 An operational risk management |
12 |
| 1.5 A responsible and fully committed governance |
13 |
| 1.6 Our value creation model |
14 |
| 1.7 Sharing with our stakeholders |
16 |
| 1.8 A committed roadmap for 2030 |
18 |
| 1.9 Financial and non-financial performance |
20 |
| 2. SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR |
23 |
| 2.1 Highlights of the financial year |
24 |
| 2.1.1 Future of reprocessing and recycling beyond 2040 |
24 |
| 2.1.2 Business highlights |
24 |
| 2.2 Simplified group organization chart – subsidiaries, equity interests and branch offices |
30 |
| 2.2.1 Simplified group organization chart at December 31, 2025 |
30 |
| 2.2.2 Acquisitions o f equity interests and takeovers during the past financial year |
31 |
| 2.2.3 Branch offices and representation offices |
31 |
| 2.3 The group’s businesses |
32 |
| 2.3.1 Mining |
32 |
| 2.3.2 Front End |
38 |
| 2.3.3 Back End |
40 |
| 2.3.4 Other activities of Orano |
44 |
| 2.4 Research and Development activities |
47 |
| 2.5 Financial situation of the Company and the group during the past financial year |
48 |
| 2.5.1 Summary of key figures and segment information |
48 |
| 2.5.2 Consolidated financial statements for the past financial year |
50 |
| 2.5.3 Separate financial statements for the past financial year |
57 |
| 2.5.4 Dividends |
57 |
| 2.5.5 Non-tax deductible expenses |
57 |
| 2.6 Foreseeable developments and future prospects |
58 |
| 2.6.1 Future prospects |
58 |
| 2.6.2 Orano’s financial outlook |
59 |
| 2.7 Significant post-closing events |
60 |
| 2.7.1 Significant events between the reporting date and the preparation date of the management report |
60 |
| 2.7.2 Significant events between the preparation date of the report and the date of the General Meeting |
60 |
| 3. RISK CONTROL AND VIGILANCE PLAN |
63 |
| 3.1 Internal control system |
64 |
| 3.1.1 Commitments of the Orano group |
64 |
| 3.1.2 Internal control objectives |
64 |
| 3.1.3 Organization of the internal control system |
65 |
| 3.2 Methodology: risk mapping and risk management |
67 |
| 3.2.1 Risk management policy and methodology |
67 |
| 3.2. 2 Risk coverage and insurance |
68 |
| 3.3 Risk factors |
70 |
| 3.3.1 Geopolitical background |
71 |
| 3.3 .2 Risks related to the group’s operations |
72 |
| 3.3.3 Risks related to social, societal and environmental commitment |
77 |
| 3.3.4 Financial risks for the group |
79 |
| 3.3.5 Regulatory and legal risks |
81 |
| 3.4 Vigilance plan |
84 |
| 3.4.1 Risk mapping related to the duty of vigilance |
85 |
| 3.4.2 The deployment of risk prevention measures related to the duty of vigilance |
86 |
| 3.4. 3 Regular risk assessment |
106 |
| 3.4. 4 Orano trains its employees and suppliers, and operates a process for collecting and processing reports |
107 |
| 3.4.5 Monitoring measures and assessing their effectiveness |
108 |
| 4. SUSTAINABILITY STATEMENT |
113 |
| 4.1 Societal and environmental challenges at the heart of the strategy |
114 |
| 4.1.1 General information on the sustainability statement |
121 |
| 4.1.2 Sustainability taken to the highest level of the Company |
124 |
| 4.1.3 Societal and environmental commitment at the heart of the group’s strategy |
129 |
| 4.1.4 A group connected to its ecosystem |
133 |
| 4.1.5 Significant Impacts, Risks and Opportunities and materiality of topics |
135 |
| 4.2 Environmental information |
144 |
| 4.2.1 Contributing to carbon neutrality and adapting to climate change [E1] |
144 |
| 4.2.2 Limiting our footprint on freshwater [E3] |
170 |
| 4.2.3 Anticipating impacts on biodiversity [E4] |
175 |
| 4.2.4 Responsibly managing our liabilities [E2] |
181 |
| 4.2.5 An industrial actor committed to the preservation of resources, the circular economy and waste optimization [E5] |
186 |
| 4.3 Social and societal information |
195 |
| 4.3.1 Mobilizing proud and committed employees who embody our corporate purpose [S1] |
195 |
| 4.3.2 Committing the group’s upstream value chain to preserving health, safety and human rights [S2] |
219 |
| 4.3.3 Being engaged and responsible locally in the regions where Orano operates [S3] |
222 |
| 4.3.4 Operating efficiently for citizens [S4] |
233 |
| 4.4 Governance information |
237 |
| 4.4.1 Being exemplary in terms of ethics and business conduct [G1] |
237 |
| 4.5 Summary of indicators and cross-reference tables |
251 |
| 4.5.1 Summary of indicators |
251 |
| 4.5.2 Table of data points required by other EU legislation as listed in Annex B of ESRS 2 |
260 |
| 4.6 Report on the certification of sustainability information and verification of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 |
262 |
| 5. GOVERNANCE OF THE COMPANY AND GENERAL |
267 |
| 5.1 Administration and management of the Company |
268 |
| 5.1.1 Composition of the Board of directors |
268 |
| 5.1.2 Functioning of the Board of directors |
286 |
| 5.1.3 Other committee |
293 |
| 5.1.4 Executive Management |
293 |
| 5.2 Compensation of corporate officers |
295 |
| 5.2.1 Compensation policy for the Company’s corporate officers |
295 |
| 5.2.2 Compensation of corporate officers for the 2025 financial year |
298 |
| 5.3 Corporate Governance Reference Code |
304 |
| 5.4 Additional information |
305 |
| 5.4.1 General information about the Company |
305 |
| 5.4.2 Articles of incorporation and Articles of Association of the Company |
305 |
| 5.4.3 Participation of shareholders in General Meetings |
306 |
| 5.4.4 Related-party agreements and commitments |
306 |
| 5.4.5 Main features of the Company’s internal control and risk management systems as part of the financial reporting process |
308 |
| 5.5 Share capital and shareholding structure |
309 |
| 5.5.1 Share capital |
309 |
| 5.5.2 Distribution of the Company’s capital and voting rights |
309 |
| 5.5.3 Securities not representing capital |
310 |
| 5.5.4 Transactions referred to in Article L. 621-18-2 of the French Monetary and Financial Code during the financial year |
310 |
| 6. FINANCIAL STATEMENTS |
313 |
| 6.1 Consolidated financial statements – financial year ended December 31, 2025 |
314 |
| 6.2 Statutory Auditors’ report on the consolidated financial statements for the financial year ended December 31, 2025 |
383 |
| 6.3 Company financial statements – financial year ended December 31, 2025 |
389 |
| 6.4 Statutory Auditors’ report on the company financial statements for the financial year ended December 31, 2025 |
421 |
| 7. MISCELLANEOUS INFORMATION |
425 |
| 7.1 Statutory Au ditors |
426 |
| 7.2 Injunctions or fines for anti-competitive practices |
426 |
| 7.3 Information on employee representative bodies |
426 |
| 7.4 Information on payment terms |
427 |
| 7.5 Information on loans granted to other companies pursuant to Articles L. 511-6 and R. 511-2-1-1-II of the French Monetary and Financial Code |
427 |
| 7.6 Five-year financial summary |
428 |
| 7.7 Table of subsidiaries and associates |
428 |